The latest issue of the World Bank's Summary of Migration and Development shed the light on the top countries that received the most remittances in 2018.
The money that workers send from abroad to their families in their home countries has become an important part of the economy of many emerging countries around the world. Based on the latest data, the value of these transfers increased to $689 billion, up 56 billion from 2017.
The report attributed the marked surge in remittances to the improving economic conditions in the United States and the soar oil prices, along with the steady growth in South Asian economies.
These funds flow almost at the same level as FDI. If China is excluded, it becomes the largest source of foreign exchange in low- and middle-income countries, according to the 31st Information Summary on Migration and Remittances.
India came in first place with a steady increase in remittances over the last three years, with transfers rising in 2017 to $65.3 billion from 62.7 billion the previous year.
China was the second largest on the top list, receiving a total of $67.4 billion in 2018.
In fifth place, Egypt
emerged with an aggregate remittance of $28.9 billion, while Ukraine appeared
at the bottom of the ranking with only $14.4 billion.